Sale Phase 9 - Key Step #2

[FundingStrategist]

Recap:

On our Sales Process map, if each Stage is a mile marker on the highway to Funding, the roadways in between the markers are the Phases.



Here are all the Phases:

• Phase 1 – The Prospecting Phase

• Phase 2 – The Consulting Phase

• Phase 3 – The Application Sending Phase

• Phase 4 – The Application Reeling-in Phase

• Phase 5 – The Submitting Phase

• Phase 6 – The Closing Phase

• Phase 7 – The Contracting Phase

• Phase 8 – The Contract Reeling-in Phase

• Phase 9 – The Closing Stip Reeling-in Phase

• Phase 10 – The Funding Phase

Each one of these Phases has specific steps to complete to get to the next Stage, and there are Key Steps to take in each Stage to accelerate your sales cycles and closings.



This is what it looks like when we put it all together:

• Stage 0 – Start:

How do I know for sure I am at this Stage?

• We have prepared and are ready to engage our Lead, pick up the phone and make contact.

Next: Phase 1 – The Prospecting Phase

• Stage 1 – The Prospected Stage:

How do I know for sure I am at this Stage?

• The Lead has been pre-qualified and confirmed to be a Prospect worth pursuing.

Next: Phase 2 – The Consulting Phase

• Stage 2 – The Consulted Stage:

How do I know for sure I am at this Stage?

• The Prospect has been consulted about their goals/needs/obstacles, how our solutions can help them achieve their outcome, and has confirmed they want a quote.

Next:Phase 3 – The Application Sending Phase

• Stage 3 – The Application Out Stage:

How do I know for sure I am at this Stage?

• The Application has been sent to the Prospect, and it has been confirmed it was received.

Next: Phase 4 – The Application Reeling-in Phase

• Stage 4 – The Application In Stage:

How do I know for sure I am at this Stage?

• The Application is in with all supporting paperwork.

Next: Phase 5 – The Submitting Phase

• Stage 5 – The Submission Stage:

How do I know for sure I am at this Stage?

• The Funding Package/Application has been submitted to Underwriting.

Next: Phase 6 – The Closing Phase

• Stage 6 – The Pitched Approval Stage:

How do I know for sure I am at this Stage?

• The Approval(s) have been pitched and sold to the Prospect.

Next:Phase 7 – The Contracting Phase

• Stage 7 – The Contract Out Stage:

How do I know for sure I am at this Stage?

• The Prospect has demonstrated intent to fund, requested contracts and we have sent them out.

Next: Phase 8 – The Contract Reeling-in Phase

• Stage 8 – The Contract In Stage:

How do I know for sure I am at this Stage?

• The signed Contract is in.

Next:Phase 9 – The Closing Stip Reeling-in Phase

• Stage 9 – The Closing Stips In Stage:

How do I know for sure I am at this Stage?

• All closing stips UW need to fund are in.

Next: Phase 10 – The Funding Phase

• Stage 10 – The Funded Stage – End:

How do I know for sure I am at this Stage?

• The deal has funded, great work!

*Phase 9 – The Closing Steps In Phase*



This Phase is the set of steps between Stage 9 and Stage 10. It is the last phase in the Sales Process.



*Key Step #2: Send the merchant the Closing Stip list and call – drive urgency, they are on the 10-yard line.*



Why is this important?



You've got the signed contracts in, you've alerted Underwriting, and now what is left are the closing stips.



Depending on what is on that stip list, this is typically a point of contention.



Once contracts have been issued, merchants tend to want to be funded as soon as possible with the least amount of hoops to jump through. You've got to drive urgency and assure them they are very close, but you need these last items.



"Why can't we just fund with what we have?" is a common objection you will hear at this stage. It is best to use the SnowballClosehere to convince them to send you the smallest/easiest stips on the list first. Once they can send these in, just like you got the contracts in, you will have enough leverage to get the rest of the docs in.



Merchants may gripe about grabbing these items, but once they start grabbing the easiest pieces, they will build enough momentum to grab the bigger pieces (like financials) and just get it over with.



If you've got most of them in but are now deadlocked on the last one or couple, this is the time to respectfully ask for a concession from Underwriting to waive and get the deal done.



Happy June, Fund on!



-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/sales-phase-9-key-step-2/

[TimGolden]

and ANOTHER awesome post...thank you

[FundingStrategist]

Thank you, Sir!


-FundingStrategist

https://fundingstrat.com